I'm a Canadian living in Canada and I've recently started a new contract with a client in the US. My previous contract specified payment in CAD while my new contract is in USD. I invoice once a month and they wire the amount to my Canadian bank account. Under the new contract they'll convert to CAD at the current exchange rate and send that.
How should I track this in GNUCash? My existing set up involves three accounts (Income, A/R, Bank) all denominated in CAD.
I'm pretty sure I need to have a new A/R account in USD to allow for USD billing. But do I need a USD income account or should I leave that in CAD and specify an exchange rate with each invoice and if so which exchange rate should I use? (ask, bid, etc) The USD income account is simpler as I only need to deal with exchange rates when recording the payment but since I need to report my income to CRA in CAD I suspect I need to keep all income accounts in CAD.